中国油气行业上市公司资本结构影响因素研究

发布时间：2018-04-22 02:22

本文选题：油气行业 + 上市公司　；参考：《内蒙古财经大学》2017年硕士论文

【摘要】：最近几年以来,环境问题已经越来越严重,开始成为中国能源产业进一步发展所需要面对的首要挑战,雾霾问题开始成为大家所关心的热门问题,如今能源结构是以煤炭为主,据估计,2030年,中国的能源消费总量会保持在55亿吨标煤的这个标准,在这当中,煤炭所占的比例会减少到45%,石油的比例会在18%保持不变,同时,天然气的比例也会大幅度的提升。本文选择石油和天然气行业作为研究对象,核心是实证分析影响油气行业上市公司资本结构不合理、资金资源配置浪费等问题的主要因素并提出建议。油气行业上市公司资本结构的不断优化对企业实现价值最大化具有重大作用,因此,探讨中国油气企业资本结构的影响因素具有重要的意义。本文的思路安排:第一部分论述研究背景。中国现有的研究成果说明,中国资本结构当前的情状其与西方的状况是有所不同的。因此站在某一行业的角度来讲,对于资本结构的优化进行相关的研究是具有重要的作用。第二部分是讲述资本结构的相关理论。把资本结构相关理论按照时间发展顺序进行相关论述,这对于之后的实证分析的展开起到一定的理论基础作用。第三部分是关于油气行业现状及其上市公司资本结构相关的现时情况,同时根据油气行业的特点以及发展所要面对的机遇与挑战作出论证。这样更为直观的认知,有助于理解本文对于油气行业研究的重要性。第四部分是有关于油气行业的上市公司,其资本结构的主要影响因素的相应分析。我们在理论分析的角度上,将2010年一直到2015年的油气行业上市公司的所搜集的财务数据指标,做相应的因子分析,并且在这之后进行主成分因子的提取,与此同时,再对提取的主成分因子来做经济意义的相应解释,并且将其作为解释变量,进行与资产负债率的多元回归模型的建立,得出实证分析最终结果。第五部分是提出相关的结论和建议。经过建立的最终模型,对于所得实证分析结果,做出总结,并且得出中国油气行业上市公司完善资本结构的主要途径,同时又进行一定的建议以及相关的改善措施及对策,这就可以提供相应参考。结论如下:资产流动性、发展能力、资产管理能力、盈利能力、企业规模与资产负债率显著相关,是影响资本结构的主要因素。资产流动性、发展能力、资产管理能力、盈利能力与资产负债率负相关,企业规模与资产负债率正相关。以此提出优化融资方式、注重企业规模、重视公司盈利,提高内部积累能力,增强资产流动性、合理安排资产结构以及优化股权结构。
[Abstract]:In recent years, the environmental problem has become more and more serious, and it has become the primary challenge for the further development of China's energy industry. The haze issue has begun to become a hot issue of concern to everyone. Nowadays, the energy structure is dominated by coal. It is estimated that in 2030, China's total energy consumption will remain at the standard of 5.5 billion tons of standard coal, in which the proportion of coal will be reduced to 45 percent, and the proportion of oil will remain unchanged at 18 percent, at the same time, The proportion of natural gas will also be greatly increased. This paper chooses the oil and gas industry as the research object, the core is to analyze the main factors that affect the capital structure of the listed companies in the oil and gas industry and waste of capital resources, and put forward some suggestions. The continuous optimization of capital structure of listed companies in oil and gas industry plays an important role in maximizing the value of enterprises. Therefore, it is of great significance to explore the influencing factors of capital structure of oil and gas enterprises in China. The first part discusses the background of the research. The current situation of China's capital structure is different from that of the West. Therefore, it is important to study the optimization of capital structure from the perspective of a certain industry. The second part is about the theory of capital structure. The related theory of capital structure is discussed according to the order of time development, which plays a theoretical basis for the later empirical analysis. The third part is about the present situation of the oil and gas industry and the capital structure of the listed companies. At the same time, according to the characteristics of the oil and gas industry and the opportunities and challenges to be faced by the development of the oil and gas industry. This more intuitive cognition is helpful to understand the importance of this paper for oil and gas industry research. The fourth part is about the oil and gas industry listed companies, the capital structure of the main factors of the corresponding analysis. From the perspective of theoretical analysis, we make the corresponding factor analysis of the financial data collected by listed companies in the oil and gas industry from 2010 to 2015, and then extract the principal component factors after that, at the same time, Then the extracted principal component factors to do the corresponding explanation of economic significance, and as an explanatory variable to establish a multivariate regression model with asset-liability ratio, and get the final results of empirical analysis. The fifth part is to put forward the relevant conclusions and recommendations. After the establishment of the final model, for the results of empirical analysis, to make a summary, and draw the main ways to improve the capital structure of listed companies in China's oil and gas industry, and at the same time, carry out some suggestions and relevant improvement measures and countermeasures. This can provide corresponding reference. The conclusions are as follows: asset liquidity, development ability, asset management ability, profitability, enterprise size and asset-liability ratio are the main factors influencing capital structure. Asset liquidity, development ability, asset management ability, profitability are negatively correlated with asset-liability ratio, and enterprise size is positively correlated with asset-liability ratio. In order to optimize the financing mode, pay attention to the scale of the enterprise, pay attention to the profit of the company, improve the internal accumulation ability, enhance the liquidity of the assets, arrange the structure of the assets reasonably and optimize the structure of the equity.
【学位授予单位】：内蒙古财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.22;F406.7;F832.51

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